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Can you please show how this is done. The following information is available for the year-ended December 31, 2018 for Sport Court Resurfacing (SCR) Corporation:
Can you please show how this is done.
The following information is available for the year-ended December 31, 2018 for Sport Court Resurfacing (SCR) Corporation: On April 1, 2018 signed a bank loan for $ 10,700 with interest and principal repayable in one-year. The interest rate on the loan is 4% 2. I. SCR pays its employees $ 31,000 every other Friday which reflects a 2-week pay period or 10 working days. December 31, 2018 falls on a Monday so employees will not get paid for the work they completed on this day until January 11, 2019. 3. Estimated income tax payable for the year end is $ 7,630 which is payable January 31, 2019 4. Utility expenses of $ 440 for the month of December were unrecorded and unpaid. They are due January 21, 2019. 5. SCR provided tennis court resurfacing to a local tennis club. At the end of the year the club owed SCR $ 17,200. SCR billed the club on January 2, 2019 and collected the full amount on January 10, 2019. Prepare the adjusting entries required on December 31, assuming SCR records adjusting entries annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Dec. 31Step by Step Solution
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